{"id":12248,"date":"2017-06-21T09:00:51","date_gmt":"2017-06-21T13:00:51","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=12248"},"modified":"2020-07-04T12:12:23","modified_gmt":"2020-07-04T16:12:23","slug":"want-access-major-offshore-centers-must-residency","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/want-access-major-offshore-centers-must-residency\/","title":{"rendered":"If you want to access the major offshore centers, you must have residency"},"content":{"rendered":"

If you want to access the major offshore centers, you must have residency<\/strong><\/h2>\n

The key to accessing the major offshore centers in 2020 is residency. If you want an offshore bank account, solid asset protection plan, or to setup your business abroad, you must get residency first. Second residency through investment is now the \u201cpay to play\u201d requirement of all top quality offshore jurisdictions. <\/span><\/p>\n

Do you want to open up a bank account in Panama? You need residency in Panama. Do you want to make multiple trips to this country during the year? You had better get residency or you run the risk of being denied entry. <\/span><\/p>\n

The banks in Panama and other tax havens are closing their doors to nonresidents. You must have significant ties to the country if you want to open an account there. You must have a business reason to need an account in Panama\u2026 and asset protection or privacy is not a sufficient reason. <\/span><\/p>\n

If you want an account in a major tax haven, you need to show ties to that country to justify the need for an account\u2026 not the desire for a bank account, but the business or personal <\/span>need<\/span> for an account. <\/span><\/p>\n

Companies show a need for an account by applying for a business license, getting office space, and possibly hiring an employee or two. If you\u2019re in Panama, you just need the license, a virtual office, and to convince the banker you\u2019re putting down business roots in Panama. In Hong Kong you must have an employee, file taxes, prepare audited statements, etc. <\/span><\/p>\n

And the signer on the account must have residency in the country<\/span>.<\/b> That is, <\/span>both the business and the person running the business must show ties to the country to open a bank account.<\/b> The easiest way to prove your personal ties is through residency. <\/span><\/p>\n

This residency requirement is not new, but it\u2019s a lot more common in 2017 than back in the day. A residency requirement is now the norm in tax havens rather than the exception. <\/span><\/p>\n

For example, Cayman Islands has been limiting access to its banks for 3 years now. If you want an account in Cayman, you must either have a residency visa, a work permit, or own property on the island. Without a good reason to want an account in Cayman, you won\u2019t get one. <\/span><\/p>\n